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Founders: #361 Estée Lauder

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Warren Buffett and Charlie Munger said it was a crime that more business schools didn't study Henry Singleton. I think it's a crime that more entrepreneurs don't study Estée Lauder. She is one of the best founders to ever do it. This is the story of how she went from a childhood obsession, to a single counter in a beauty salon, to a multibillion dollar empire. This is my third time reading this book. It gets better every time I read it. This episode is what I learned from rereading Estée: A Success Story by Estée Lauder. ---- Ramp gives you everything you need to control spend, watch your costs, and optimize your financial operations —all on a single platform. Make history's greatest entrepreneurs proud by going to Ramp and learning how they can help your business control your costs and save more. ---- Build relationships with other founders, investors, and executives at a Founders Event ---- Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. Get access to Founders Notes here. ---- Join my free email newsletter to get my top 10 highlights from ev

[00:00] A: I'm reading this book called Money Masters of Our Time written by John Train and there is a chapter on Warren Buffett in here. And in the chapter on Warren Buffett there's an incredible quote from Warren Buffett where he says that a good manager must be a demon on cost. Buffett knows what most of history's greatest founders knew that watching your cost was the foundation on which other competitive advantages can be built. Listen to what Jeff Bezos wrote about this in his shareholder letters. Jeff wrote, focus on cost improvement makes it possible for us to afford lower prices,…

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